Summary
The prospect of planning for retirement during the worst financial crisis of the past 60 years is a grim one. The resource accumulation plans of many are under assault from several directions: stock and bond portfolios have been damaged or destroyed, home equity values have plummeted, employer contributions to 401(k)s are being discontinued or reduced, and even those rare few who have pensions are in dangerous territory. The basic goal of retirement planning is to accumulate enough funds to last throughout the retirement years, a time frame that is now a lot longer than it used to be. Actuarial studies conclude that men who attain the age of 65 can expect to live an additional 17 years. The design of most retirement plans includes a self-funded retirement account. However, if a client has lost employment, or fears it will happen, they may stop their voluntary 401(k) and IRA contributions.
See the full content of this document
Extract
The New Retirement
The prospect of planning for retirement during the worst financial crisis of the past 60 years is a grim one. The resource accumulation plans of many are under assault from several directions: stock and bond portfolios have been damaged or destroyed, home equity values have plummeted, employer contributions to 401(k)s are being discontinued or reduced, and even those rare few who have pensions are in dangerous territory. Regardless of whether a client has planned their retirement expenses and set achievable savings goals or has done little or no planning, in this climate, e...
See the full content of this document
Sponsored links
